Balance Sheet December 30, 2022 Current assets Cash $26.000 Accounts receivable 35,200 Prepaid insurance 6,000 $ 67,200 Equipment (net) 201,000 Total assets $268,200 Current liabilities Accounts payable $ 21,000 Salaries and wages payable 11,000 $32,000 Long-term liabilities Notes payable 85,200 Total liabilities 117,200 Stockholders' equity Common stock 100.000 Retained earnings 51,000 151,000 Total liabilities and stockholders' equity $268,200

 

Calculate the current ratio and working capital based on the preliminary balance sheet.

 

Answer rating: 100% (QA)

Current Ratio Calculation Current Ratio Current Assets ... View the full answer